Choosy buyers target Pretoria eastern suburbs

Demand for residential units in upmarket suburbs to the east of Pretoria is growing.
But, says Nelis Bezuidenhout of RealNet Wapadglen, buyers are circumspect and take their time to shop around before committing to transactions.
“It is not unusual for prospective buyers to view up to 30 properties before making a choice. Traditionally buyers viewed between four and seven prospects before buying a home," he says.
He adds that activity in the residential markets of his franchise area, which includes Wapadrand, Garsfontein, Faerie Glen and Olympus, started picking up in April last year. “Demand for homes was boosted by banks’ announcement that they will once again consider 100% loans, which stimulated demand among young professional first-time buyers who were previously renting accommodation.
“Improving economic conditions have contributed to a more upbeat approach among buyers and the latest interest rate cut of 500 basis points is expected to further improve buyer confidence,” he says. “What counts more than the extra money in consumers’ pockets, is the boost it gives to optimism and confidence in the economy.”
Stack units in the price range of between R500 000 and R550 000 and free-standing sectional title units of between R600 000 and R650 000 are popular among young buyers, who regard them as good value at an upmarket address.  Good access to several large shopping centres and the freeway system adds to the appeal of units in these suburbs.
Top residential properties in the area now fetch prices of up to R10m.
Sectional title units in modern lifestyle estates now cost between R900 000 and R1,4m while two-bedroom units in the more established and leafy areas sell at prices of between R700 000 and R1,1m.
Issued by RealNet

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us